SUNDARMFIN - Weekly Chart Analysis
After making an ATH in Feb2021 the stock topped out and went into a down trend until it bottomed almost after one and half year.
The stock then formed a base of 30weeks in 11% range and broke out of it in may to test the supply zone where it consolidated for 9 weeks in 7% range and finally broke out this week with almost 10% move this week. Though an attempt was done last week but failed to give a close above 2739.95
Volumes are on the rise since the breakout from first base. It is also trading above all its key moving averages.
Now ideally we shall wait for small retracement or a base if formed then good. If it retest the previous resistance, which is now support zone (2674.65-2739.95) and shows strength then it would be the best entry point.
As per the trend based fib 3440 - 3950 - 4600 are the levels it can test in the long term.
My view gets invalid if it closes below 2480 levels on weekly basis and sustains below it.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
The stock then formed a base of 30weeks in 11% range and broke out of it in may to test the supply zone where it consolidated for 9 weeks in 7% range and finally broke out this week with almost 10% move this week. Though an attempt was done last week but failed to give a close above 2739.95
Volumes are on the rise since the breakout from first base. It is also trading above all its key moving averages.
Now ideally we shall wait for small retracement or a base if formed then good. If it retest the previous resistance, which is now support zone (2674.65-2739.95) and shows strength then it would be the best entry point.
As per the trend based fib 3440 - 3950 - 4600 are the levels it can test in the long term.
My view gets invalid if it closes below 2480 levels on weekly basis and sustains below it.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Disclaimer
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